Benefits Women Home-Buyers Enjoy In India — Axis Ecorp
The benefits and challenges women face in real estate are similar to those they face in other industries, even when women dominate this sector. Women are many things today — mothers, wives, entrepreneurs, real estate agents, broker associates, etc.
In real estate, both men and women face obstacles to advancement, but women are faced with unique challenges and barriers. Several of those obstacles result from workplace inequality whereas others are a reflection of larger socio-economic influences. However, in India, women home-buyers enjoy multiple benefits that makes it easier for them to buy a house in the country.
Women Home-Buyers on the Rise
With the many advantages of home-ownership, India’s modern-day woman strives to attain financial independence. Meanwhile, a number of initiatives have been implemented in the past few years to encourage women to be more financially independent and successful homeowners, ranging from making it mandatory to have a woman co-owner when applying for a home via PMAY to enhancing stamp duty cuts in some states. Moreover, multiple banks offer discounted home loan rates to women as compared to men. This again varies from bank to bank, but the difference benefits a woman home-buyer.
Five Advantages for a Woman Home-Buyer
* Home loan benefits
The crucial thing to note while applying for a home loan is the interest rate. If a woman is a working individual, she can take advantage of a home loan with a lower interest rate and can also benefit from exclusive home loan benefits.
* Tax advantages
Additionally, women can qualify for tax rebates when they buy a property in their names. In case it is a self-occupied property, women property owners will get an extra interest deduction of Rs 1.5 lakh per year.
* Charges for stamp duty
The stamp duty charge for women property owners in many parts of India is lower than that for men. Despite the fact that exact percentages may vary, this concept is being adopted by more and more states to empower women.
There are a few advantages to registering the house in the name of a woman in the family, whether your mother or wife. In order to take full advantage of this and avoid any financial pitfalls, understanding the finer points of buying a property in a woman’s name is critical.
* Easy co-ownership
In a situation where the woman is a homemaker, it can lead to a Benami transaction that can make the whole thing very tricky by registering it in her name. Therefore, it is easier to opt for co-ownership to prevent any complications.
* Rental tax-income benefit
If both the partners have combined income to purchase the house, the rental income received from the property is taxed separately. However if the wife is a homemaker and has not contributed to the purchase monetarily, then the rental income is combined with the income of the husband. The same is covered by regular taxes.
After the pandemic, the country is now on the revival mode. As a result of the revised monetary policy of RBI to support economic growth in India in 2021, home loan interest rates have reached an all-time low. State Bank of India, one of India’s largest banks, now offers an interest rate as low as 6.9 per cent, a record drop compared with previous years. The lower interest rate would not only reduce the interest charged on the loan, but also the EMI pressure. Currently, most banks give 80–90% of the loan sum, so one does not have to pay large amounts upfront.
There are also many options available to homebuyers. They can opt to buy a villa, plot, independent house, and a complete floor in a building or a house in a gated colony. There is also growing demand for luxury serviced apartments. Top real estate developers like are offering a host of options to their customers and assisting to make them the right choice. Their new age contemporary homes are designed to cater to the today’s audience and women buyers prefer them for their tasteful designing, state of the art feature, spacious kitchen and smart features.